TABLE OF CONTENTS
TAX CREDIT APPLICATION
Note: Items in Index must be tabbed and numbered accordingly.
I. Application Fee – Copy (Original Cashier’s Check or Money Order is attached on top of
II. Required Document Placements:
1. Threshold Requirements Checklist & Certification, pages 24 a & b; (Blue Paper – Signed
2. Applicant Rating Form, page 38 a; (Blue Paper)
3. Readiness Criteria Checklist & Certification, pages 38 b; (Blue Paper – Signed and Dated)
4. Citizen Participation Requirements Checklist & Certification, pages 24 m-o; (Blue Paper –
Signed and Dated)
5. Required Documents Checklist and Certification, page 40 ac; (Yellow Paper – Signed and
6. Development Pro Forma, page 41 a-c; (Yellow Paper)
7. Maximum Cost Per Unit Certification, pages 48 a–c; (Green Paper – Signed and Dated)
8. Maximum Administrative Expenses Per Unit Certification, pages 51 a; (Green Paper –
Signed and Dated)
9. Maximum Developer Profit Percentage Certification, page 54 a; (Green Paper – Signed and
10. Underwriting Criteria Certification, pages 57 a-b; (Green Paper – Signed and Dated)
11. Tax Credit Developments 2007/2008 Site Assessment Form, Attachment 7; (Purple Paper)
III. Application Form – Page 40a -40ac (Yellow Paper)
IV. Threshold Factors
1. Site Control
2. Local Zoning & Development Conditions
3. Documentation of Need
a. Market Study (See “Market Study Guide”, Page 24c-24l)
b. Certification of Market Study Acceptance (Attachment 12)
4. Permanent Financing Commitment
5. Community Notification
a. Proof of Publications
b. Copy of Actual Notices
c. Copy of Minutes of Public Hearing
d. Copy of Attendance Roster
e. Snapshot of Signage
f. Citizen Participation Requirements Checklist & Certification, page 24 m (Blue Paper –
Signed and Dated)
g. Affidavit of Compliance, page 24 n
h. Local authority acknowledgment form, page 24 o
V. Selection Criteria
1. Election of 20/50 or 40/60 minimum set-a-side and:
20 %/> of units at 50% of AMI for 40 years or longer.
2. Extended Use for 40 years or longer.
Commitment to extend compliance period to forty-(40) years or longer.
3. Development Location.
Documentation of County Development is located in. (Maps and Attachment 7, Tax Credit
Developments 2007/2008 Site Assessment)
4. Three or more Bedrooms.
Documentation of targeting large families – At least 25% of units are three bedroom or
5. Significant Community Services and Amenities.
a. Community Services Contracts or Agreements Executed by both parties.
Documentation of Significant Amenities provided (Highlighted in Plans and
b. Documentation of Significant Amenities provided (Highlighted in Plans and
Additional amenities points
6. Public Housing Waiting List.
Commitment to provide housing to persons on public housing waiting lists or on waiting lists
for other affordable housing developments. (Signed and Notarized Statement)
7. Preserves existing low-income housing units.
Documentation of default and endangerment of foreclosure from permanent financing entity.
8. 100% Tax Credit Units
Commitment to set-a-side all units for low income use.
9. Development-Based Rental Assistance.
Commitment to provided rental assistance meeting required criteria.
10. Tenant-Based Rental Assistance.
Evidence from Housing Authority indicating Section 8 vouchers or certificates are available
in development area.
11. Development Readiness
1) Acquisition and rehabilitation developments provide physical needs assessment for
rehab work to be completed for each unit. (See Attachment 2)
2) Drawings with required detail depicting Building elevations and floor plans and
Proposed site plan.
3) Completed “Description of Materials”. (See Attachment 1)
4) Letter from licensed architect/engineer of record stating that “Drawings” and
“Description of Materials” submitted with application are in compliance with the
Corporation’s “Minimum Design Quality Standards”. Please include completed Building
Design Quality Standards Certification. (See Pages 62a-62d)
5) Letters from licensed architect/engineer of record stating that:
i. Proposed construction and the plans will meet the applicable building code and
permitting requirements of the local jurisdiction. And that
ii. The site development will meet all federal, state and local requirements, and the
design will meet all applicable permit requirements of the local, state and
6) Certified Appraisal for documentation of:
i. Land value and improvements for acquisition/rehabilitation developments. Or
ii. Land value for new construction developments.
7) Certified copies of proposed budgets and cash flows submitted to financing institutions.
(Must be signed and notarized)
8) Commitment letter for construction financing.
9) Letter of Conformance with the State of Mississippi’s or applicable Public Jurisdiction’s
10) Certificate of partnership or corporation from the State of Mississippi or certificate to do
business in the State of Mississippi. (Must provide stamp filed copy (committal stamp)
indicating the Secretary of State’s approval).
11) Properly executed and dated construction contract.
12. Application Workshop
a. Verification of attendance by the general partner or registered/designated agent of the
13. Developer Experience
a. Completed and signed “Previous Participation Form”. (See Attachment 3)
14. Management Experience
a. Completed and signed “Previous Management Participation Form” (See Attach. 4)
15. Single Family Lease Purchased Development
a. Single family detached housing with the average size homes for the developments
being no less than 1,500 square feet of heated and cooled living space.
b. Two (2) carports with secure outside storage space no less than 50 square feet
c. The owner shall provide a maintenance schedule of items to be replaced, repaired, or
updated to be performed by the owner prior to the purchase of the units by the tenant.
d. Side by Side Washer and Dryer Connections
e. Paved Driveways
f. Playground Area and Equipment (Minimum of four (4) separate pieces of equipment.)
g. Entranceway Appeal - Create Subdivision Appearance
h. Landscape Plan- Applicants must maintain lawn throughout the required fifteen (15)
year compliance period
i. Provide a sample lease-purchase agreement advising tenants of the available purchase
option at the end of the fifteen (15) year lease period, which may be included in the
body of the lease.
a. Two (2) points - requesting less than $15,000 tax credits per home
b. One (1) point - requesting less than $15,500 tax credits per home
c. One- Half (1/2) point - requesting less than $16,000 tax credits per home
d. Two (2) points - development average home size being 1,700 square feet or greater of
heated and cooled living space
e. One (1) point - development average home size being 1,600 square feet or greater of
heated and cooled living space
f. one (1) point for providing two car garages instead of carports
g. one-half (1/2) point for average lot sizes of no less than 8,000 square feet
h. one (1) point for at least sixty-five percent (65%) of home exteriors being brick or
equivalent surface (i.e. hardiboard).
i. one quarter (1/4) point for use of architectural shingles for roofs
j. one half (1/2) point for use of nine (9) foot ceilings in seventy-five percent (75%) of each
k. one quarter (1/4) point for providing sidewalks in front of homes
16. The development is located in a qualified census tract or difficult development area and
contributes to a concerted revitalization plan of the community in which it is located. (See
a. In municipalities with less than 6,000 population without a community revitalization plan,
documentation must include (i) a letter of support from the highest ranking elected
official(s) stating that the proposed development is desired within the community and (ii)
describes how the development supports the community’s vision for future growth
verifying that the development contributes to the community
b. In municipalities with a revitalization plan, documentation from the city/county, which
verifies that the development is part of a community revitalization plan and provides a
detailed description of the development’s contribution to the Revitalization Plan, signed
by the subject areas verifiable authority. Additionally, the applicant must submit a copy
of the relevant information from the area’s plan regarding its housing goals/objectives
including the document’s title page OR the locality’s letter must reference the title,
adopted date, and information on how a complete copy of the plan may be accessed.
c. Map detailing the location of the proposed development within a qualified census tract
must be provided. Maps may be obtained by contacting Dr. Ben Mokry at 601-718-
17. The development is a Preservation or Hope VI development.
18. The development set aside 100% of its units for the elderly population age fifty-five (55) or
older, or 100% of its units for persons that meet the requirements as defined by Rural
Development or the Department of Housing and Urban Development for elderly housing
and accessibility for handicapped persons.
a. Development establishes policies and procedures, which demonstrate intent to provide
housing to the fifty-five (55) or older age group.
b. Development has specific facilities and services specifically designed to meet physical
or social needs of older persons.
c. Development provides six (6) of nine (9) appropriate services or facilities (See page 32
of the QAP).
19. Energy Efficiency
a. Use of all Energy Star rated appliances
b. Use of no-VOC interior paint
c. Use of formaldehyde-free insulation
d. Use of at least one high efficiency toilet (1.3 gpf) or dual flush per unit
e. Use of energy efficient windows
For developments where at least twenty (20%) percent of the units will serve tenants with
income between sixty (60%) and (80%) percent of Area Median Income and twenty (20%)
percent of the units will serve market rate tenants.
21. USDA Section 515
For developments proposing acquisition/rehabilitation or rehabilitation of USDA Section 515
housing, and which have received a financial commitment from the Preservation Revolving
VI. Required Documents
1. Required application fee. Copy of money order or cashier's check. See also Section I.
2. A written narrative of the development describing the parties involved, financing utilized,
proposed tax credit use, and the construction schedule for the development.
3. Certificate of Partnership or Corporation from State of Mississippi or certificate to do
business in the State of Mississippi. See also Section V (12)(j).
4. Documentation of construction financing. Copy attached. See also Section V (12)(h).
5. Certified copies of proposed budgets and cash flows submitted to financing institutions
attached. Budgets are signed and notarized. See also Section V (12)(g).
6. Nonprofits applicant documentation from the IRS indicating (501)(c)(3) status, a copy of the
Articles of Incorporation, certificate to do business in the State of Mississippi and legal
opinion from attorney verifying non-profit status and that there is no affiliation with nor
ownership by a for profit entity.
7. Certification to the extent of participation by a local tax-exempt organization, a non-profit
corporation or a local unit of government.
8. Utility allowance documentation.
9. Development maps which (a) identifies development location and (b) general county
boundaries included with Attachment 7, Tax Credit Developments 2007/2008 Site
10. For acquisition developments, a title opinion from an attorney documenting property
ownership for the last ten (10) years.
11. For acquisition rehabilitation developments that are not ten years old or have changed
ownership within the last ten years, an approved waiver must accompany the application.
12. Documentation of land value utilizing certified appraiser for developments involving new
construction (See also section (V)(12)(f)).
13. Documentation of land value and improvements utilizing certified appraiser for
developments involving acquisition/rehabilitation (See also section (V)(12)(f)).
14. Documentation that the development will provide housing for persons on public housing
waiting lists or on waiting lists for other housing developments. Statement of Certification
submitted indicating that housing will be provided to persons on public housing waiting lists
or for persons on waiting lists for other housing developments (See also section (V)(6)).
15. Development is providing significant amenities and community services. Plans and
specifications for construction with significant amenities highlighted. Letters from local
community services providers outlining the community service(s) to be provided, list of
instructors/teachers, and a proposed schedule of dates, times, etc (See also section (V)
16. Statement of disclosure regarding Identity of Interests, i.e., buyer/seller or developer/builder.
17. Plans and specifications from architect or development engineer are attached in required 8
½ by 11or 11 by 17 formats.
18. Letter of conformance with the State of Mississippi's Consolidated Plan (See also section
19. Certification that property or properties are historic or are located in a historic district.
20. Development plan of action.
21. A physical needs assessment for all rehabilitation properties certified by a licensed architect
or engineer (See also section (V)(12)(a)).
22. For tax-exempt bond financed developments, an opinion letter from a Certified Public
Accountant certifying that fifty percent (50%) or greater of aggregate basis will be financed
by tax-exempt bonds.
23. Letter of intent to provide equity investment (Attachment 11)
VII. Other Attachments